FundPark, an entrepreneurial team from Hong Kong, solves the problem that it is difficult for SMEs to borrow money from banks. FundPark establishes an online platform for investors to lend money to small and medium-sized enterprises with orders or accounts receivable bills to improve the turnover caused by buyers' late payment.

The buyer's delay in payment is a global problem, which makes many small and medium-sized enterprises with insufficient assets have difficulties in capital shortage; Because many small and medium-sized enterprises in Taiwan Province Province are facing this pain point, Sun Huilai, CEO of FundPark, attaches great importance to the market in Taiwan Province Province, and starts to develop business in Taiwan Province Province and recruit technical talents.

FundPark's business model is to connect investors and small and medium-sized enterprises through the platform. You can think of the platform as an online cash machine: you can receive funds by submitting orders or accounts receivable. Compared with Singapore, Hong Kong's financial supervision environment is similar to that of Taiwan Province Province. With the implementation of regulatory sandbox in Taiwan Province Province just around the corner, Singaporean enthusiasm must be learned, and Hong Kong experience may be more suitable for Taiwan Province Province to learn from. Zhihu invited Anson Suen, co-founder of FundPark, who started a business in Hong Kong and opened a branch in Taiwan Province Province, to explain the differences in financial environment between Taiwan Province and Hong Kong.

The following is a summary of Zhihu's interview with Sun Huilai:

Excuse me, what are the minorities and problems solved in FundPark?

I used to work in the SME Department, Trade Finance Department and Commodity Trade Department of Hongkong and Shanghai Banking Corporation. FundPark was established because I saw that SMEs have great financing needs.

Banks always feel that SMEs' financing is risky and will need collateral such as real estate, which makes many SMEs unable to finance; In addition, banks are also supervised by international institutions. We call III (Basel III, and one of the monitoring regulations requires that the proportion of "risk-weighted assets" of banks should not exceed a certain number. For banks, if they want to reduce the proportion to a level acceptable to regulators, they should start with small and medium-sized enterprises.

The risk of corporate loans is very high. How does FundPark reduce risk?

We must reiterate that FundPark does not provide ordinary corporate loans. FundPark only does supply chain financing.

Nowadays, many enterprises will not give money immediately after buying goods, and often delay for 60 days and 90 days; Especially for goods shipped overseas, it takes 120 days, 180 days and 220 days to receive the money. We call it the credit period. The credit period makes small and medium-sized enterprises have no spare money to make new investments for a period of time, which also creates risks. FundPark can enable small and medium-sized enterprises to obtain funds early and expand their business.

For example, I sold Wal-Mart 65,438+10,000 cups, and it delayed payment 120 days; In the meantime, I don't have enough resources to accept new orders or make new investments. At this time, I placed an order on the FundPark platform. If an investor on the platform is willing to take orders, Wal-Mart owes money to that investor.

In terms of risk management, FundPark will check the strength of small and medium-sized enterprises to avoid their poor shipment; It also depends on the credit status of buyers to prevent them from returning the money to the investors on the platform.

We also cooperate with Euler Hermes, the world's largest export credit insurance company, to provide credit accident protection for some buyers. For example, SMEs sold 50,000 dolls to Toys R Us. They went bankrupt recently, and they couldn't pay the investors who accepted the order. At this time, Euler Hermes can settle the claim.

The Asian Development Bank conducted a survey in 20 15: If SMEs increase their trade financing by 25%, the total number of employees will increase by 19% and the new investment will increase by 30%. This reflects the importance of trade financing to small and medium-sized enterprises and society.

Is it stricter in Taiwan Province province than in Taiwan Province and Hongkong to open a branch in Taiwan Province province?

As a matter of fact, the regulators in Hongkong and Taiwan Province Province are very protective of small investors, which I support very much, because only in this way can the confidence of investors be ensured. Hong Kong, like Taiwan Province Province, has different units such as the Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC) to supervise different fields. Two years ago, the regulatory sandbox in Hong Kong was mainly aimed at banks. In the past month or two, the CSRC has launched a regulatory sandbox for new entrepreneurial teams.

I don't think the FSC in Taiwan Province Province is very conservative. I am looking forward to the supervision sandbox in Taiwan Province Province. But the most important thing to supervise the sandbox is how to operate it. For example, when applying, you have to fill out a lot of forms, or spend too much time communicating with the supervision organization, which will kill the resources of the new team.

When realizing the supervision sandbox, if the idea is just to "write the regulations clearly, lower the threshold and let the new team apply." This mentality may not be very good; If the mentality is "We want to help the new team bring the goods to market faster. It will be more efficient to communicate with the entrepreneurial team. The significance of supervision sandbox is to test whether the goods are popular in the market, and then make adjustments after getting feedback to keep up with the rapidly changing new industries. Speed is very important. If the speed is slow, it is of little significance to supervise the sandbox.

I heard from some friends that they have to fill out an application form with more than 100 pages to apply for certain projects in Hong Kong, and there are many other conditions, which are really unacceptable. Start-up teams usually have few resources and no legal talents to help them. Whether they have legal background or not, the execution speed of start-up teams will be different. It would be helpful if * * had a window to consult the new team.

I heard that Singapore will help start-up teams find resources and actively help start-up teams promote their business. What's your opinion?

Yes, I deeply feel that last year, the monetary authority of singapore (MAS) told all banks in Singapore, "Please submit any questions to me." MAS put all the questions into a list in official website and said to the new team, "If you can solve any of them, I will help you match them. This is what the sandbox authorities should do.

When an entrepreneurial team wants to talk about cooperation with a bank, it is often unclear which bank needs its own services. MAS is a good middleman. They know, "If you find a ready-made problem, there must be a solution. If not, at least we can discuss it together. MAS is not only a regulator, but also uses resources to promote innovation, which Taiwan Province Province and Hongkong should learn from.

Hong Kong is a maritime law country. Does the supervision unit revise the law soon?

Some basic laws and regulations in Hong Kong have to be revised by the National Assembly, but those that have been tested in the regulatory sandbox of the China Securities Regulatory Commission and HKMA are not directly implemented by the National Assembly.

Taiwan Province Province, for me, political factors are the biggest unstable factors, and some meaningful things have been shelved. Hong Kong is not a big problem.

(20 17 hong kong jump shot final)

Do you have any expectations and concerns about monitoring the sandbox?

FundPark set up a branch in Taiwan Province Province to participate in the supervision of sandbox. One advantage of the supervision sandbox in Taiwan Province Province is that the experiment time is very long; However, we are worried that FSC will have more concerns after the experimental time is extended.

It is expected that the supervision sandbox in Taiwan Province Province can help the new team to push quickly and attract foreign teams. From a foreigner's point of view, if the censorship of * * * is too conservative and drags on for too long, we will have to go back and forth frequently between Taiwan Province Province and Hongkong, which will reduce the efficiency of the implementation of FundPark.

What are the advantages and disadvantages of developing FinTech in Taiwan Province compared with advanced countries?

There are many entrepreneurial teams in Taiwan Province Province in recent years, and they will encounter many problems when building relationships with customers. For example, I don't know whether the customer can be trusted when taking orders; If the customer delays paying the bill, it will also cause the seller to dare not take too much business. These concerns will dampen economic vitality.

FundPark can help start-up teams do insurance evaluation, reduce risks, solve the problem of deferred payment, strengthen capital turnover and release economic vitality. FundPark also provides free consulting services for SMEs; For example, if the customer's order increases from $654.38+0 million to $3 million, SMEs may have some concerns, and FundPark can help them investigate the customer's background.

FundPark is interested in the market in Taiwan Province province, and more interested in talents in Taiwan Province province. We are recruiting talents, especially business development personnel and technicians.

Did FundPark contact the bank after entering Taiwan Province Province? What's your impression?

We found that some banks in Taiwan Province Province are particularly conservative, even more conservative than the officials of the regulatory agencies. They may be interested in financial technology, but they are afraid to act. For example, some bankers hope that FundPark will develop for two or three years and accumulate some transaction records before talking to them; But three years later, I don't know what the world has become.

Compared with the conservatism in Taiwan Province Province, Hong Kong banks are more open-minded. Perhaps Taiwan Province Province is an island country, isolated and comfortable; Hong Kong must accept many external shocks. If the change is not fast, it will lose its competitiveness, so it is more risky.

(Image courtesy of FundPark)

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